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Answers (6)
- Andrew Adams, "203K Specialist"
- Contributions:9349
The listing agent will know the most obvious items, but I would not rely on them to tell youwant needs or should be done to the property. My other advice is to make a list of what you would like to do, it will probably never be easier to include those items into your loan. If the repairs exceed 30K then the FHA 203K loan is as good if not a better option more often than not.
- Spirit Messingham, "TucsonSpirit"
- Contributions:663
I have completed 8 transactions in the past 2 years, in all different states. I have seen some where the client was to afraid to finsih touring the house, but that is the extreme side. If anything, I would say the condition of the homes is getting better, not worse. In most cases, new carpet, paint, some dry wall repair and mostly cleaning is what will be needed.
Best of luck, please click on my profile to see what I bring to the table. You have many choices when it comes to a Real Estate agent.
Spirit Messingham
(520) 471-6900
Best of luck, please click on my profile to see what I bring to the table. You have many choices when it comes to a Real Estate agent.
Spirit Messingham
(520) 471-6900
- basically
- Contributions:2
Thanks for the replies. Will the listing agent have a good idea of what the property needs?
- Jeff Masich, "Arizona Homes Land"
- Contributions:508
Dear Basic:
Usually when the home qualifies for HomePath renovation there is a repair that is needed. The good thing is that, Fannie Mae will guarantee the home and it will not require an appraisal as in a FHA loan. Also, the HomePath financing only requires 3% down. The renovation loan goes to the fix up of the items. Generallly, the home can be in good shape with a couple of minor flaws (broken window, missing toilet something like that). Other Fannie Mae homes can be in worse shape. Another good thing about Fannie Mae, they will often contribute to buyer closing costs on an offer. Also, look for Fannie Mae prices to drop monthly after the first two months the home is on the market.
Let me know if you have any questions.
Regards, Jeff
Jeff Masich, Realtor
Arizona Homes and Land
HomeSmart Scottsdale
- Andrew Adams, "203K Specialist"
- Contributions:9349
The homepath properties I have dealt with the properties that are homepath renovation only need some work and would not pass a conventional or FHA Appraisal.
Low down payment lower credit score FHA 203K will be the best bet...High downpayment high credit score Homepath Renovation will be better provided the cost of repairs stays below 30K.
Low down payment lower credit score FHA 203K will be the best bet...High downpayment high credit score Homepath Renovation will be better provided the cost of repairs stays below 30K.
- Jonathan Blackwell, "JonathanBlackwell"
- Contributions:19
If you are considering the Homepath Renovation (as a owner occupant) you should really look into the 203K instead. More flexible and usually cheaper
What state of the home have you seen with Fannie Mae Homepath Renovation loans?
And yes, I'll contact an agent in my area, yaddie yadda, I just want to know your experience with homes like this before I dive in head first.
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